thoughts on isoft convertible notes?, page-2

The deal has valued them at face value. They are in essence a debt, I cannot see them being valued at any less than 100% face value unless there was negative equity value in the company. Given CSC is bidding some $170m equity value then clearly these are worth face value. If OCP was a desperate seller of the con notes then different story, but they are not. I dont see a problem just a delay and more time / market related risk for the deal.